Wednesday, November 10, 2021

Things To Know Before Starting A Startup

Many people have a desire to start their own business, things to know before starting a startup

But due to a lack of the right information and planning, they stop as fast as they start. If you also want to start your startup, 

Consider these important things first and only then start the startup.  

1. Start right

Business means understanding the needs of the people. First of all, understand what people need, make that thing your basic business idea.

Keep your idea simple. Don't make it too complicated. Remember that through startup you are providing a solution to someone, so do not complicate it too much. Stop thinking that you will start in a very big and grand way. Start with a small and simple way, so that you can focus properly.

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- All professional experts recommend turning your hobby into a startup because then you will try to complete it with full passion.

In the initial phase of any startup or new business, one should be mentally prepared to bear some losses. For any startup, you have to give at least a year or two, expect profits only after that.

2. Become smart businessman

The first rule of a startup is to focus on the market more than your product. If your product is great, but there is no market for it, then what is the use of it? Write down the expenses only slightly, because people often go out of the budget while spending. Before starting any startup, keep a deposit of six months' expenses.

You cannot do any business alone, so always keep your support group. It is not necessary that you hire people, but your family, relatives, friends, and neighbors can also become your support system so that you can get moral support in times of trouble.

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Market research is a very important aspect of a startup. Weigh your business idea by all means. From the people who are already in that business in the market, understand its negative aspects as well. Do not start any startup blindly.

Along with the financial investment, you also have to make an emotional investment. Changes have to be made in your everyday life and you will also have to increase your network.

It is important for a startup to understand that you can assure what you can provide. Don't give false confidence to people, otherwise, once the name is bad, you will not be able to make up for it.

3. Take advantage of digital platforms

In today's digital age, presence on online platforms is very important, so choose platforms like Just Dial and India Mart.

It is important for you to have a startup page on Facebook. If you are joining the food industry, then joining food delivery apps can be beneficial for you. You can also get your startup recognized online by using the digital platform.

Government Schemes for Startups

4. Startup India

Startup India was launched in the year 2016 to encourage startups. The huge tax exemption was given for startups so that more and more people join it and new employment opportunities are available

Apart from exemption from income tax, you also get the facility of fund for the first three years of startup. If your startup has not completed seven years yet, then you can take advantage of this scheme. Free legal aid facility is also available with four weeks free online learning program. Labor law and environmental law also provide relief.

5. Atal Innovation Mission

This scheme has been made to promote entrepreneurship in the field of technology. Atal Tinkering Labs are open across the country, where students can go and take training with tools and equipment from science, technology, engineering, and maths. Business planning support, industry training, etc. are available to support startups.

6. Pradhan Mantri Mudra Yojana

Under the Mudra scheme, startups get loans as well as many other facilities. In this scheme started in the year 2015, the government provides loans up to 10 lakh to new startups.

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Stand up India this scheme has been specially made for women, scheduled castes, and scheduled tribes. Here you can get loans from 10 lakh to 1 crore. Technical skill training will be given by the bank to a woman, scheduled caste, or scheduled tribe person starting a startup from every bank branch.

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